Wipro Technologies Chairman Azeem Premji speaks during the announcement of the financial results of the company at their headquarters in Bangalore on April 19, 2013. India's third-largest software firm Wipro on said net profit in January-March rose nearly 17 percent, beating forecasts, thanks to improved outsourcing orders despite global uncertainty.
In this photograph taken on November 2, 2012 Indian Chairman of Wipro Limited, Azim Premji, speaks during a press conference held to announce the company's 2nd quarter results in Bangalore. Indian software czar Azim Premji, one of the nation's most deep-pocketed philanthropists, has said he is donating 2.3 billion USD in shares to an education charity -- two years after making a similar big gift.
Wipro's Azim Premji is following in the footsteps of Warren Buffet and Bill Gates to become the first Indian to dedicate a majority of his wealth to philanthropy by signing up for the Giving Pledge.
The billionaire founder of the IT company is scaling up efforts to improve the quality of the education system in India through the Azim Premji Foundation.
The Giving Pledge was formed in 2010 to encourage the wealthiest in the US to give a part of their wealth towards philanthropic activities. However, Buffett now wants to widen the group's function outside the US to India and China.
Shares in software service exporter Wipro fell as much as 2.2 percent while power equipment maker Siemens retreated on Thursday after India Index Services & Products Ltd said both companies would be removed from the Nifty on April 1.
Bangalore: Wipro will sell a small stake if it is not able to bring down the promoter holding in the company to 75 percent even after the completion of demerger process and certain other steps being taken to meet regulatory norms, its Chairman Azim Premji said today.
On Wipro's strategy to bring down the promoter stake as per market regulator Sebi's mandate, Premji also said it will depend on the eventual interpretation of the guidelines. Under Sebi norms, privately promoted companies are expect to have a public shareholding at 25 percent by June 2013, while the same for the state-run listed companies has been relaxed to 10 percent, which has to be met by August 2013.
Bangalore/Mumbai: India's No.3 software services provider Wipro's less-than-perfect score on its quarterly earnings report card threw a measure of doubt over the sector's near-term outlook, with new projects and contracts still elusive.
Since a week ago, better-than-expected results from Infosys , Tata Consultancy Services and HCL Technologies sparked a 13 percent rally in the sector subindex that grinded to a halt on Friday.
